Zimbabwe Hypes New Gold-Backed Unit in Search for Investment [Yahoo! Finance]
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Source: Yahoo! Finance
Most Read from Bloomberg Elon Musk Pledges to Grow Supercharger Business He Just Decimated Biden Set to Hit China EVs, Strategic Sectors With Tariffs Ackman Scolded Over DEI Views at Closed-Door Milken Session Apple Apologizes for iPad Pro Ad, Scraps Plan to Air It on TV Novavax Soars on $1.2 Billion Sanofi Vaccine Licensing Deal The southern African nation, whose serial currency crises have made it a watchword for policy malpractice, kicked off an international road show that took it to Johannesburg last week with upcoming visits planned for London and Dubai. Still, skeptics doubt the ZiG, short for Zimbabwe Gold, will avoid the same fate of its predecessors, which were all rendered worthless by the government's habit of printing money to finance spending. Zimbabwe on Thursday announced fines to enforce the use of the unit's official exchange rate – set daily by the central bank – to shore up confidence, and is compelling companies to pay part of their taxes in the u
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